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Primavera Economics Unit 2 Workbooks and Checkpoints Questions and Answers Graded A+
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Primavera Economics Unit 2 Workbooks and Checkpoints
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Primavera Economics Unit 2 Workbooksand Checkpoints
What is a characteristic of a need? – answer A need is something you cannot live
without, such as water.
Read the sentence. When society does not have enough resources to produce all of the
things people want, it is known as [blank]. Which correctly completes the sentence? -
answer Scarcity.
What does microeconomics deal with? - answer The impact of individual and business
decisions on economic markets.
What does macroeconomics deal with? - answer The economy as a whole.
What is one fundamental principle, or question, of economics? - answer What should
the country produce?
What is the definition of economics? - answer The production, distribution, and
consumption of goods and services in one country.
Review the budget. (Graph.) Which is best classified as a want? - answer Cable.
Which is considered a need? - answer Daily meals.
Which is a description of scarcity? - answer People have limited resources, so they
must pick which wants to satisfy.
What do the three basic economic questions determine? - answer The allocation of
resources.
Which are considered goods? (Select all that apply.) - answer Pool table, Couch,
Computer.
Which are considered services? (Select all that apply.) - answer Serving food, Tailoring
a suit, Housecleaning.
What are the three basic economic questions? - answer What to produce, how to
produce, for whom to produce.
When do entrepreneurs answer the three basic economic questions? - answerWhen
they are evaluating their resources to decide what to sell.
, In a command economy, who answers the three fundamental economic questions? -
answerThe government.
Read the scenario. Madison received $100 as a holiday gift. She used it to buy 50
mineral infused candles for $2 each. Then, she walked around the neighborhood and
sold the candles for $4 each. What factors of production did Madison use? - answerAll
four factors of production.
Which is true about scarcity? - answerScarcity exists because people have unlimited
wants and limited resources.
Read the scenario. While Paul's neighbor recovers from food surgery, Paul walks her
dog daily. He enjoys it so much that he decides to start a dog walking business. What is
Paul's next step? - answerHe should ask himself how to get started and who to market
the business to.
Why do entrepreneurs ask the three basic economic questions? - answerThey want to
use their resources wisely to make a profit.
Read the scenario. Ann owns two acres of trees. Which factors of production would
Ann's situation fall under? (Select all that apply.) - answerLand, Capital.
Read the sentence. Carlos has decided to sell T-shirts to his classmates. Which
economic question does Carlos still need to answer? - answerHow to produce.
Which are characteristics to consider when defining a service? (Select all that apply.) -
answerServices are intangible activities, Services require payments.
Why is scarcity referred to as the fundamental economic problem? - answerIndividuals,
businesses, and countries all face the problem of scarcity.
What economic theory was proposed by Adam Smith and explains that an economy's
success is determined by people's ability to pursue their own financial self-interest? -
answerInvisible hand.
Which famous economist wrote 'The Wealth of Nations'? - answerAdam Smith
In a free market economy, which is true regarding the role of the consumer? -
answerThe consumer determines what is produced.
Read the statement. One weakness of a free market economy is instability. Which
argument would supporters of a free market economy most likely use to argue that
instability is acceptable? - answerMarket corrections are difficult but necessary. The
benefits people receive from innovation and freedom in a free market system are worth
the cost of instability.
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